Stock Market & Financial Investment News

Norfolk Southern to discontinue certain railcar sorting operations in RoanokeNorfolk Southern announced that it will cease regional railcar classification operations at its Roanoke Terminal hump yard in Roanoke, Va., beginning today. This will mean the elimination of about 140 positions. The Terminal will continue to provide service to local customers, and to be a hub for through-train operations. The Roanoke hump operation has seen a steady decline in the volume of general merchandise cars handled by about 30% since 2006. At the same time, system-wide improvements in the railroad's operations have freed up network capacity such that classification operations now performed at Roanoke are no longer necessary. System-wide, Norfolk Southern anticipates hiring between 850 and 1,150 employees in 2013 to keep up with attrition. These positions will first be offered to employees affected by the Roanoke change and employees furloughed at other locations.

Norfolk Southern downgraded to Hold from Buy at ArgusArgus downgraded Norfolk Southern to Hold based on a challenging outlook. The firm said business trends have turned negative for the rail industry and Norfolk is a high-cost operator with exposure to the coal sector.